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The cost to rebuild your home is its replacement value. This can be very different from the estimated market value or actual purchase price.
Central Ohio’s real estate market is red hot! Whether you’re in the market for a new home, or you’re just going to renovate the one you currently live in, it’s important to make sure your home is insured for the proper amount, not too much and not too little!
As your trusted insurance advisors, we are always happy to review your homeowners coverage and we can adjust limits as needed.
Here are some steps you can take to reduce the danger of being underinsured:
Call us! If you have questions or concerns about the limits in your policy, ask us to show you how those amounts were calculated. This will also give you an opportunity to make us aware of any overlooked information.
Read your policy. Certain property, such as jewelry, and certain perils, such as earthquake or flood, is better insured separately. Knowing what is covered and for how much will help you insure properly. If there is anything in your policy you don’t understand, call us and ask for an explanation.
Review. At each annual renewal of your policy, you receive a new Policy Declarations page showing limits of coverage and optional coverages. Review this information. Did you renovate your basement recently? Let us know, because you probably need more water backup coverage. Renovating or making other improvements? Let us know about these changes so your coverage limits can be adjusted to cover the improvement.
Consider carefully whether your policy provides all the protection you need. Does it provide coverage for extra costs resulting from building code changes? Does it automatically increase coverage limits annually to keep pace with inflation? Does it provide additional funds if the cost of rebuilding your home exceeds the policy limits?
If you have an art collection, antique furniture, jewelry, or other valuable possessions, let us know so we can schedule these items with their individual values, to adequately protect your investment in these items. The cost is modest for the extra protection, and often the deductible is $0.
Inventory your home. Prepare an inventory of personal property items, update it periodically, and keep it in a safe place outside your home, such as a safe deposit box at your bank. It will save you hours of time trying to list everything damaged or destroyed if you need to make a claim. It will also help ensure you don’t forget some items.
We’re always here to help, so call, text or email us anytime!